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Elmbrook board approves short‑term borrowing strategy; chooses TowneBank option after close debate
Summary
Facing a seasonal cash shortfall, the board debated three borrowing options and voted 5–2 to proceed with a TowneBank line/taxable line approach for a $10.5 million cash‑flow bridge; members raised questions about cost methodology and whether to borrow only what’s needed.
Elmbrook School District trustees voted 5–2 to pursue a short‑term cash‑flow borrowing plan through TowneBank after hearing presentations from two municipal‑finance vendors and district staff.
Finance staff said the school year’s timing of state aid and property‑tax receipts leaves a liquidity gap in the fall and winter months and that a bridge borrowing of up to $10.5 million would cover payroll and other operating needs until tax receipts arrive. Administration presented three options: a taxable line of credit from TowneBank that allows repeated borrowing and repayment, a tax‑exempt borrowing (full amount drawn) from TowneBank, and a pooled tax‑exempt borrowing through PMA’s PLAN program.
Mary Lou Sherpke of TowneBank explained the taxable line option and estimated a…
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